Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

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TSX SYMBOL: GUY

JUNE 3, 2004 - 11:50 ET

Guyana Goldfields Inc.: Additional New Gold Zone Discovered at Aurora (46.5m @ 5.86 g/t Au)

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Peru royalty plan unpopular with mining companies

Reuters, 06.03.04, 4:17 PM ET

By Steve James

NEW YORK, June 3 (Reuters) - Big North American mining companies strongly hinted on Thursday that they might look elsewhere for gold, copper and other minerals following Peru's decision to charge them royalties.

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"Changes to the current tax regime could impact future investments in Peru," said Doug Hock, spokesman for Denver, Colorado-based Newmont Mining Corp. (nyse: NEM - news - people).

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"It will definitely affect the investment climate there," said spokesman Vince Borg of Toronto-based Barrick Gold Corp. <ABX.TO>.

He said the Peruvian Congress' approval Thursday of a plan to charge mining companies a royalty of 1-3 percent of their sales might prompt Barrick to look "to emerging countries with mining potential."

The move also hurt mining stocks. Newmont shares were down just over 1 percent at $38.41 on the New York Stock Exchange in afternoon trading, while Phelps Dodge Corp's (nyse: PD - news - people) was down 1.8 percent at $65.73. On the Toronto Stock Exchange, Barrick stock was trading 47 cents lower at $27.46.

Newmont's Hock said the company owned 51.35 percent of the Yanacocha gold mine in Peru where it has run the operation for 10 years. The mine is expected to produce 3 million ounces of gold this year.

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"Tax regimes are very important to a company like Newmont, which makes long-term decisions whether to invest in a country. Confidence in the tax regime and stability are very important," he said.

Peru's tax regime "is very competitive with others and we have long-term tax stability agreements in place," he said. "We expect them to be respected and hope they will not be affected by this."

Borg said the Canadian mining giant Barrick owned 100 percent of the Pierina gold mine in Peru and was also developing another project at Alto Chicama.

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"It's always tempting to change the rules in the middle of the game when prices are up," he said, noting that gold prices have risen steadily over the last four years.

Borg said there was a stability agreement in place for Barrick's Pierina operation, which he did not believe would be affected by the royalties move. However,

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"it is not clear what the impact on Alto Chicama will be."

But he suggested the royalties issue might poison attempts by Peru to attract foreign investment in the Las Bambas copper mine, which is up for tender.

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"I would not be surprised if there is a disappointing level of interest in the Las Bambas project they are trying to privatize," said Borg. "This significant twist in the road to foreign investment might result in dwindling interest in that."

In an interview with Reuters last week, Phelps Dodge President and Chief Operating Officer Timothy Snider said the Phoenix, Arizona-based company was concerned about the imposition of royalties in Peru as well as Chile, which is also considering such a move.

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"This royalty is not something that puts us under or causes us to close mines, but it certainly could affect our future investment strategy and we know that other companies will look at it exactly the same way," said Snider.

Phelps Dodge owns 82.5 percent of the Cerro Verde copper mine in Arequipa, Peru, and is a majority partner in two copper mines in Chile. It also has investments in two open-pit copper mines, two concentrators, a smelter, a refinery, and a zinc mining operation in Peru.

Randy Davenport, president of Cerro Verde <CVE.LM>, said last Friday that royalties might affect its decision on a $450 million to $800 million expansion of the mine in southern Peru.

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"A royalty clearly will affect the economics (of our expansion decision). Looking at it from Phelps Dodge's point of view, it is another cost in doing business," he said.

Copyright 2004, Reuters News Service

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TSX, AMEX SYMBOL: NG

AND SPECTRUMGOLD INC.

TSX SYMBOL: SGX

JUNE 3, 2004 - 13:30 ET

NovaGold Resources Inc. and SpectrumGold Inc.: Galore Creek Exploration Program Initiated

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TSX VENTURE SYMBOL: MAI
OTC Bulletin Board SYMBOL: MNEAF

JUNE 3, 2004 - 14:03 ET

Minera Andes Discovers Multi Ounce Silver at Cerro Mojon Property Santa Cruz Province, Argentina

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07:41 AM EDT Jun 04

Coeur d'Alene boosts $2.5B bid for Wheaton River Minerals by $285M

Coeur d'Alene Mines Corp. announced Thursday it is boosting its $2.5-billion offer for Wheaton River by $285 million after getting the cold shoulder from the Vancouver company, which plans to merge with Iamgold Corp. instead.

http://www.cbc.ca/cp/business/040603/b0603138.html

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FOR: WHEATON RIVER MINERALS LTD.

TSX SYMBOL: WRM
AMEX SYMBOL: WHT

JUNE 3, 2004 - 16:38 ET

Wheaton Receives Further Proposal from Coeur D'alene Mines

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Slow start ahead of key data – London Bullion Report

4th June 2004

A directionless Dollar and gold’s unconvincing performance over the past week conspired against the yellow metal yesterday, triggering a fresh round of long liquidation. Trade early in the day was confined to an extremely lacklustre $2 range between $389.50-91.50 as traders waited for the ECB’s decision on interest rates and OPEC’s production meeting. The ECB’s decision to leave rates unchanged was largely inline with expectations but still managed to generate a small rally, lifting gold to $392.75. The mood soon changed though as the greenback posted a recovery and quickly put gold under pressure. Sellers soon forced a test of $390 which eventually gave way, leading to a quick fall to $387.50 as light stops emerged. Gold worked slightly higher to close at $388 but has been held in a narrow $1 range overnight by limited moves in the Dollar keeping gold between $387.50-8.50. Gold really has to hold $388 or run the risk of falling further with little in the way of significant buying likely to emerge till the $382-78 area. All eyes however will be set for the non-farm payroll figures due out shortly after the COMEX open and the implications the data will have on US interests rates when the FOMC meets later this month.

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After Wednesday’s 30-cent price drop trade in silver was more orderly yesterday but the industrial metal still reacted to the Dollar’s gains by following gold lower. Trade in Asia and Europe was flat with the metal confined to a narrow range between $5.80-85, opening in New York at $5.82. Traders managed to post a high of $5.86 before fund players appeared on the offer, quickly saturating any remaining buying interest. Silver quickly fell through Wednesday’s $5.87 low, trading all the way down to $5.70 before working back slightly to close at $5.72. Interest overnight has been similar to gold, trading largely unchanged from New York’s closing level but interest is likely to be very similar to gold with traders waiting for the Dollars reaction to the US payroll figures. Good support should be found around $5.70 but as with gold a failure to hold will lead to a rapid test lower with a target of $5.60-55 with speculative players likely to be keen sellers.

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Despite the downward pressure experienced in gold and silver over the past few sessions platinum and palladium are still looking pretty strong. Both metals are holding their current trading ranges of $830-45 and $240-55 respectively but could both be in for fund and dealer selling interest should today’s economic data prove Dollar friendly. Should both metals trade lower support is likely to be found around $810-00 for platinum and $230-20 for palladium with resistance remaining at the top of the current trading ranges.

James Moore
TheBullionDesk.com

Tel : 01799 516956 / 01536 483063
jimmy@thebulliondesk.com

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Gold sales up 21% in India

BS Commodities Bureau in Mumbai | June 04, 2004 08:30 IST

Gold was in big demand during the first three months of this year, despite a sharp increase in its price triggered by the sliding dollar.

India's demand continued unabated and rose 21 per cent during January-March 2004, boosted by a strong economy and rural customers benefiting from the after-effects of 2003's good monsoon rains.

The gold price during the quarter averaged $408 an ounce compared with $352 in the same quarter last year.

In contrast, demand from institutional investors was subdued. Having snapped up gold in January amid expectations of further price rises, profit-taking set in and new investment dried up.

The overall consumer demand for gold including jewellery and net retail investment was up 25 per cent in tonnage terms and 37 per cent in rupee terms during the same period compared to the corresponding period in 2002.

Sanjeev Agarwal, managing director of WGC in the sub-continent, said, "In India too, we have witnessed a surge in consumer and investor confidence in gold which is reflected in 47 per cent increase in investment in the form of bars and coins. In spite of the increase in gold prices, the Indian consumers continue to be attracted towards buying."

Demand for gold bars and coins has increased because of its values of providing stability and security to the overall investments and has ensured that the shine is back in the Indian gold market, he added.

Though the trends are positively inclined for the future, other political and economic factors would be crucial for the industry.

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Agarwal said, "We expect the new government to take some positive steps to channelise part of the Rs 5,000 crore (Rs 50 billion) of annual savings being invested in physical bars and coins to be routed through the banking sector in the form of a more efficient savings vehicle."

Gold struck a peak of $425.50 in January, shortly before the dollar went into a tailspin. The report notes speculative selloff of gold investments appears to have continued in the second quarter of the year and may even have intensified.

However, Jill Leyland, senior economist at the World Gold Council, said that worsening financial market jitters and geopolitical tensions could tempt more speculative buyers into the market in the coming months.

Commenting on the supply-demand dynamics, the chief executive of the WGC, James Burton said, "In the face of a 55 per cent rise in the dollar gold price, historically we would have expected the consumer demand to recede due to the sensitivity of Asian and Middle Eastern markets to price volatility."

He reiterated that the rise in the money flowing into gold from consumers was only demonstrating a positive underlying trend.

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thor

Wüsst ich auch selbst gerne!

Spielt m.M.n. überhaupt keine Rolle was der Gold Preis gerade macht. Die Preise sind zur Zeit getürkt wie selten zuvor. In Thailand zum Beispiel wurden die Goldpreise heute nicht gesenkt, obwohl dies eigentlich hätte der Fall sein müssen. Irgend was ganz grosses ist am Kochen. Thailand will einer ebenfalls heute Abend verbreiteten Meldung nach, die Tankstellen landesweit nach 10 Uhr Nachts geschlossen sehen, um Benzin zu sparen. Bis jetzt sind Tankstellen noch 24 Std. geöffnet.

Wichtig ist nur, dass wir physisches Gold besitzen. Bald wird es vielleicht zu spät sein Gold zu kaufen.

Vielleicht müssen wir auch bald Radio hören

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wegen der Arbeitsmarktzahlen aus USA

Träum nur weiter.......

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"Looking at the gold, silver, and dollar charts is more like looking at a seismograph during the 1906 San Francisco earthquake."

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